International Gemmological Institute India Limited
Minimum investment
Bidding date
13 Dec - 17 Dec 2024
Price range
—
Minimum quantity
35
Minimum investment
₹13,895
Issue size
—
IPO doc (link)
RHP docs
Listing exchange
NSE/BSE
Company's primary business is the provision of services related to the certification and accreditation of natural diamonds, laboratory grown diamonds, studded jewelry and offering educational programs. IGI India, is part of IGI, is one of the established reputed certifiers in the global market.
IGI is the world’s second largest independent certification and accreditation services provider based on revenue for CY2023 among global peers for diamonds, studded jewelry and colored stones certifications, with a global market share of approximately 33%. IGI in India holds approx 50% market share.
India, which is the world’s largest center for cutting and polishing diamonds holds 95% of the world’s total polished diamonds in volume. Certification and accreditation of laboratory-grown diamonds, the fastest growing sub-segment within the overall jewelry market is growing at a CAGR of 19% (from CY2019 to CY2023)
Global leading player: IGI is the world’s second largest independent certification services provider among global peers for diamonds, studded jewelry and colored stones certifications, with a global market share of approximately 33%
First mover & leader in lab grown diamond segment: IGI was the first among global peers to issue certification for laboratory-grown diamonds globally in CY2005, and IGI has become the global leader with approximately 65% of the market share.
Extensive range of services: IGI is one of three players that offer a full stack of comprehensive offerings among global peers, covering grading and classification services across different stone types.
Track record of growth in revenue, margins and returns : Company is net cash positive with no financial leverage in last 4 financial years. Its low capital expenditure and high cash flow business model provides them with ample liquidity and flexibility in operations.
Proposed acquisitions: Company will become the sole shareholder of IGI Belgium and IGI Netherlands, and be responsible for managing the overall IGI business inside and outside of India. They may not be able to achieve operational efficiencies following the Proposed Acquisitions.
Client concentration: Company derives a significant portion of revenue from top 15 customers, and any inability to retain key customers could negatively affect business.
Regional focus: The revenue of the Pre-Acquisition Group is concentrated in the states of Gujarat and Maharashtra in India, and any adverse developments affecting these regions in India could adversely affect the business.
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